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US corn export premiums hold steady

Corn export premiums at the US Gulf Coast held mostly steady on Tuesday, supported by tight old-crop supplies and slow grain barge movement due to flooding on Midwest rivers, traders said. Barges were unable to move toward the Gulf from Illinois River and the Mississippi River north of St. Louis as several locks were closed due to flooding and high water prompted shipping restrictions, limiting supplies available to Gulf exporters.

Afloat CIF corn barges south of St. Louis at 76 cents a bushel over Chicago Board of Trade May futures on Tuesday, the highest spot trades in at least a month. Spot FOB basis offers at the Gulf held near the highest levels since mid-March. Prices for near term shipments of South American corn remain at a large discount to US prices. But loading delays and port congestion in Argentina has sent export premiums up sharply over the past week, narrowing the discount to US Wheat export premiums at the Gulf were mostly steady to firm on solid demand prospects for soft red winter wheat, which is currently the least expensive on the global market.

Traders said Egypt's GASC may soon return to the world wheat market after securing needed funds via a deal with Qatar. Soyabean export premiums at the Gulf held mostly steady, underpinned by tight old-crop supplies and good demand for new-crop soyabeans from China.

Copyright Reuters, 2013


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